Amkor Technology Completes Sale of $525 Million of its 6.625% Senior Notes due 2027 & Announces Notice of Full Redemption of ...
March 15 2019 - 11:37AM
Business Wire
Amkor Technology, Inc. (Nasdaq: AMKR) (the “Company”) today
announced that it has completed its previously announced offering
of $525 million aggregate principal amount of its 6.625% Senior
Notes due 2027 (the “2027 Notes”).
In addition, the Company today announced that it has issued a
notice for the redemption of all $525 million aggregate principal
amount of its outstanding 6.375% Senior Notes due 2022 (the “2022
Notes”), with the redemption to be effective on April 15, 2019. As
provided in the indenture governing the 2022 Notes, the redemption
price will be 101.594% of the principal amount of the 2022 Notes,
or $1,015.94 per $1,000 principal amount thereof, paid in cash. In
addition, the Company will pay accrued and unpaid interest on the
2022 Notes to, but excluding, the redemption date, in accordance
with the terms of the indenture.
The Company expects to use all of the net proceeds of the 2027
Notes offering, together with cash on hand, to fund the redemption
of the 2022 Notes and to pay related fees and expenses. Pending the
use of the proceeds of the 2027 Notes Offering, the Company intends
to invest the proceeds in cash, cash equivalents, investment grade
securities or other short-term marketable securities. The Company
expects to record a one-time charge in the second quarter of 2019
of approximately $8 million for early extinguishment of debt.
A notice of redemption of the 2022 Notes is being sent to all
currently registered holders of the 2022 Notes by U.S. Bank
National Association, the trustee under the indenture governing the
2022 Notes. Copies of the notice and additional information
relating to the procedure for redemption may be obtained from U.S.
Bank National Association by calling 1-(800)-934-6802 (toll-free).
This announcement does not constitute a notice of redemption of the
2022 Notes.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy any of the 2027 Notes, nor shall
there be any offer, solicitation or sale in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
The 2027 Notes were offered to persons reasonably believed to be
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”), and to
certain non-U.S. persons outside the United States pursuant to
Regulation S under the Securities Act. The 2027 Notes have not been
registered under the Securities Act or any state securities laws
and may not be offered or sold in the United States absent
registration or an applicable exemption from such registration
requirements.
Forward-Looking Statement Disclaimer
This announcement contains forward-looking statements within the
meaning of federal securities laws. All statements other than
statements of historical fact are considered forward-looking
statements including, without limitation, statements regarding the
expected use of proceeds from the offering, statements regarding
the completion of the redemption, the potential interest savings
and the charge for early extinguishment of debt. These
forward-looking statements involve a number of risks,
uncertainties, assumptions and other factors that could affect
future results and cause actual results and events to differ
materially from historical and expected results and those expressed
or implied in the forward-looking statements, including, but not
limited to, that there can be no assurance that the redemption of
the 2022 Notes will be completed. Other important risk factors that
could affect the outcome of the events set forth in these
statements are discussed in the Company’s Annual Report on Form
10-K for the year ended December 31, 2018, and in its subsequent
filings with the Securities and Exchange Commission made prior to
or after the date hereof. The Company undertakes no obligation to
review or update any forward-looking statements to reflect events
or circumstances occurring after the date of this announcement.
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version on businesswire.com: https://www.businesswire.com/news/home/20190315005371/en/
Amkor Technology, Inc.Vincent KeenanVice President, Investor
Relations480-786-7594vincent.keenan@amkor.com
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